Unleashing the Potential of Insurance Analytics

Apr 3, 2019

insurance industry

Insurance companies never focused much on investing in analytics before, but with the growing customer expectations and mushrooming challenges, the value of insurance analytics cannot be ignored. Insurance analytics has the potential to build optimized business models that can help improve sales, services, and marketing. By leveraging insurance analytics solutions, companies in the insurance industry can make remarkable improvements in their management processes and in the development of new products and services. Consequently, this can help in delivering greater value to consumers as well as to society. In this article, our team of experts have highlighted a few significant benefits of insurance analytics that can help insurance companies to extrapolate actionable insights to enhance predictability and service.

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How is Insurance Analytics Transforming the Static Insurance Industry?

Encourages Customer-Centricity

Every industry including the insurance industry has realized the need to become more customer-centric in this competitive landscape. Insurance analytics can help companies in the insurance industry to instil faith in the customers by offering the insurance they actually need. Companies can leverage smart analytics dashboards to analyze the complete customer portfolio and add value to the services offered.

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Prevents Fraud and Reduces Waste

The insurance industry is highly prone to fraudulent activities, but insurance analytics holds the solution to this. Valuable insights from insurance analytics can be used to identify who is most likely to commit the fraud before it actually happens. Insurance companies can monitor customer data in real-time from different social media platforms to check if a customer or a policyholder might be engaging in suspicious activity. Consequently, companies can take preventive measures against such activities and reduce waste.

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Assists Self-Servicing of Policies

Self-servicing is a new normal in the era of technological advancements. Although agents in the insurance industry are a little apprehensive that self-servicing can make them obsolete, this can help in improving customer service. By using insurance analytics, companies can offer a customer portal for policyholders where they can manage their own policies. This can improve retention rates and make customers happy as they gain control over their own policies. Also, insurance analytics can aid in automating the process of making smart recommendations to customers.

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Improves Pricing of Premiums

While pricing premiums and policies, insurance companies face one issue and that is the accuracy of data. With the inaccurate set of data, it is difficult for insurance companies to predict individual incidents. This is where insurance analytics can come to rescue. By leveraging analytics solutions, insurance companies can keep a regular track of the behavior of the individual policyholder. This can help them price policies and premiums accordingly.

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